News

The NHAR affordability index remained below 60 for the sixth consecutive month, further highlighting a housing crisis stemming from the state's continued lack of inventory.

NEW HAMPSHIRE MONTHLY INDICATORS

The August index of 58 means the median household income is just 58 percent of what is necessary to qualify for the median-priced home under prevailing interest rates, the lowest number for the month in NHAR's recording history of at least 20 years. For context, the index was over 200 at times during 2012 and 2013.

The median price of a single family residential home sold in New Hampshire was $515,000 in August, a record high for the month and a 9.8 percent increase from July 2023.

The number of single family homes on the market in the state has continued to inch up since the beginning of the year, and the 2,329 for sale at the end of August marked a 28 percent increase increase from a year prior. But that's still more than 9,800 fewer than were on the market exactly 10 years earlier.

It also accounts for just 2.3 months' supply – meaning the time it would take to sell off the current housing stock at the most recent pace of sales – less than half of the 5-7 months that is considered a balanced market. It's been since October 2016 that New Hampshire had as much as 5 months' supply.

"Increased supply will go a long way to meeting the demand of all buyers, especially those first-time buyers who make up 32 percent of sales," NHAR President Joanie McIntire said. "A good starting point will be to make the path to development less challenging.
"Re-examining and altering outdated zoning rules will help create more affordable homes for the workers we need for a strong New Hampshire economy."

For NHAR's full slate of market data, including our Monthly Indicators report and detailed county- and town-level reports, visit our FastStats landing page. To create your own customizable and brandable market reports, visit NHAR's members-only InfoSparks page.